Lil Pump is the latest example of an artist exploring selling a share of his music royalties as an NFT. He’s working with Opulous and Republic, launching a ‘Security-NFT’ yesterday including a share of the royalties in his upcoming Soulja Boy-featuring track “Mona Lisa’.
People could spend $100, $1k, $5k or $10k on, respectively, bronze, silver, gold or platinum-level NFTs, and within two hours of the launch, the campaign had reached its maximum funding goal of $500k.
The details: a company called Mona Lisa LLC has 50% of the master and publishing rights to the song, which will be shared between the investors based on “each investment and amount invested”. That means 910 bronze-level, 100 silver-level, 21 gold-level and four platinum-level investors, so it’s quite a crowd.
Stonks? Well, it all depends on how well the track performs, including on licensing outside streaming. It’s a much-debated model: Opulous was involved in a music copyright NFT sale earlier this year with artists Taylor Bennett and Big Zuu, for example, but has since faced questions about the delay in releasing one of those songs.
Lil Pump gives the company another chance to prove the model can pay off for investors.
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